Wells Fargo assists local non-profit to provide affordable housing in the Greenville area
September 13, 2010
GREENVILLE, SC – September 13, 2010 – Wells Fargo & Company (NYSE: WFC) has provided a $250,000 equity equivalent investment (EQ2) loan to Homes of Hope of Greenville, South Carolina. Proceeds of this EQ2 will be used by Homes of Hope to fund predevelopment expenses for projects that provide affordable housing in the Greenville area through new construction as well as rehabilitation. This EQ2 loan has a five-year term with a one-year extension option.
“Homes of Hope is very pleased to embark on this partnership with Wells Fargo,” said Don Oglesby, president and CEO of Homes of Hope. “This loan allows us to increase affordable housing in our communities.”
Homes of Hope is a faith-based organization that provides affordable housing as well as job training in the Greenville area. In a typical year, the group develops 40 homes and helps 25 individuals overcome addiction through training and job placement.
“Wells Fargo’s investment will further Homes of Hope’s work in distressed neighborhoods and will support the role of this non-profit in creating more housing in low- and moderate-income communities,” said Frank Cianciarulo of Wells Fargo’s Community Lending and Investment division.
EQ2s are patient capital in the form of below-market-rate loans. This limited resource is reserved for Well Fargo non-profit community development partners that are working to expand affordable housing, job creation, and economic development in the communities where Wells Fargo does business.
About Homes of Hope
Homes of Hope is a 501(c)(3) non-profit organization located in South Carolina which was incorporated in 1998. The organization’s mission is to provide safe, affordable housing for low-income and homeless people while also providing job training and mentoring for men overcoming drug and alcohol addiction.
About Wells Fargo
Wells Fargo’s Community Lending and Investment division provides debt and equity capital for economic development, job creation and affordable housing in areas of need nationwide. For more about Wells Fargo Community Lending and Investment: www.wellsfargo.com/communitylendingandinvestment
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
